State Senator Balboni (R/C - Mineola) has announced that legislation, designed to protect consumers from undisclosed automated teller machine (ATM) fees was recently signed into law by Governor George Pataki. A co-sponsor of the Senate version of the bill (S.5439), Senator Balboni said that the new law requires ATM owners and operators to notify consumers of any surcharges or fees charged at the time of a transaction, and bans fees when there is no notification.

"ATM transactions have become increasingly costly to consumers who are often charged surcharges at the ATM in addition to fees assessed from their banking institution," said Senator Balboni. "This new law will enable consumers to make an informed decision as to whether or not to proceed with an ATM transaction."

According to Senator Balboni the new law will require:

* A sign posted conspicuously on or in the area of the ATM clearly stating any fee imposed.

* Notice of the fee to appear on the monitor of the ATM once the transaction is initiated.

* No surcharge or fee will be levied if the user chooses to terminate the transaction.

* The user will be provided with a receipt listing any fees imposed.

* Any ATM operator who fails to comply with the requirements will be subject to a fine of up to $250 per transaction.

Senator Balboni noted that a study earlier this year found that four out of five ATMs in New York assessed surcharges, and that the amount of these surcharges has been steadily escalating. Anyone knowing of any ATM terminals not in compliance with this law should notify Senator Balboni at 873-0736 with the ATM's location.